TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>ITAT Chennai Upholds Treatment of Foreign Currency Expenditure for Deductions</h1> <h3>The Assistant Commissioner of Income-tax, Company Circle II (3), Chennai Versus M/s. iSOFT R&D Pvt. Ltd.</h3> The Assistant Commissioner of Income-tax, Company Circle II (3), Chennai Versus M/s. iSOFT R&D Pvt. Ltd. - TMI Issues involved: Interpretation of deduction under section 10A of the Income-tax Act, 1961 for travelling expenditure incurred in foreign currency.Summary:The Appellate Tribunal ITAT Chennai considered two appeals filed by the Revenue against the Commissioner of Income-tax(Appeals)-IV's order for the assessment years 2005-06 and 2006-07 u/s 143(3) of the Income-tax Act, 1961. The main contention raised by the Revenue was the treatment of travelling expenditure in foreign currency for the computation of deduction u/s 10A. The Tribunal referred to judgments by the Karnataka High Court, Bombay High Court, and Delhi High Court, all supporting the principle that adjustments in the numerator should be reflected in the denominator for expenses in foreign currency u/s 10A. Additionally, a previous ruling by the Special Bench of the Income-tax Appellate Tribunal, Chennai, in the case of ITO vs. Sak Soft Ltd., supported this interpretation. Consequently, the appeals were dismissed, affirming the consistent view on this issue by various High Courts and Tribunals.Order pronounced on 31st July, 2012 at Chennai.
TaxTMI 
TaxTMI 
